Coupa Closes 10th Sequential Quarter of Growth in New Annual Contract Value
SUBWAY Selects Coupa for Largest Multi-Location Cloud Business Application Deployment
SAN MATEO, CA--(Jul 11, 2011) - Coupa Software, the leading provider of disruptive and innovative cloud spend management solutions, celebrated its 10th consecutive quarter of growth in new, annual contract value for the second quarter of 2011, ended June 30, 2011. As a testament to Coupa's growing traction in the market, a seven-figure deal with the Independent Purchasing Cooperative (IPC) of SUBWAY was closed. The SUBWAY/IPC deal is the world's largest multi-location cloud business application deployment to-date, with Coupa's cloud spend management solution being deployed to 35,000 restaurants in 98 countries.
One of the most critical business imperatives today is conscious spending and reduced operating costs, in order to drive business results and sustain top-line growth. Coupa is addressing this mission-critical need head-on by empowering organizations to spend smarter and save money through broad adoption and use of the Company's innovative, easy-to-use, fast-to-implement and cost-effective cloud spend management applications.
"With nearly 35,000 SUBWAY restaurants in 98 countries, we knew we needed a purchasing solution that could scale to support IPC's global efforts, but would also be easy to deploy and use at the local restaurant level," said Dennis Clabby, VP of Purchasing for IPC. "After an exhaustive search, we concluded that Coupa's innovative cloud spend management solution and superior usability made it the clear winner for IPC. This will allow our franchisees to ensure they capture the savings negotiated by IPC, and operate their stores more efficiently."
In addition to the ground-breaking SUBWAY/IPC deal, Coupa's banner second quarter included several major Company milestones:
--The Company closed 39 transactions, including Universal Music Group, Responsys, Journal Communication and B&H Photo.
Adoption and Usage
--Total user adoption also skyrocketed, with a 649 percent increase in active users on Coupa's platform year-over-year.
--As to be expected, the renewal rate of existing customers was maintained at the ~96% level, with a significant number of additional seats purchased across the Coupa customer community.
--The Coupa cloud spend management platform now supports French, Spanish and Brazilian Portuguese, with an additional 12 languages expected by year-end. The Company also signed its first customers headquartered in Australia, Mexico, Brazil and France.
"With our growing roster of more than 200 customers, we continue to stay focused and committed to empowering organizations to spend smarter and save money," said Rob Bernshteyn, CEO of Coupa. "It's incredibly validating to witness the success our customers are achieving in significantly reducing operating expenses by leveraging Coupa. Our best-in-class cloud computing platform combined with our highly experienced team of Savings Advocates, Results Engineers and Success Agents are quickly delivering real measureable results."
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing and expense management for organizations large and small. Coupa Cloud Spend Management delivers an easy to use, fast to deploy and affordable solution for requisitions, expense reporting, approval management, purchase orders, RFQs, contract compliance, inventory and invoicing, with no hardware to buy or software to license. With deep domain knowledge in e-procurement, a best-in-class cloud platform, and a fast-growing community of customers doing business with over 100,000 suppliers, Coupa enables smarter spending practices that empower companies to save money quickly. For more information please visit, http://www.coupa.com or call 650.931.3201. Read more at our company blog, the Coupa Cabana, or follow @Coupa on Twitter.